Memorial Resource Development Corp.
MRD announced today that its Board of Directors has authorized the
repurchase of up to $50 million of MRD's common stock.
"MRD is committed to delivering shareholder returns, and our management team
and Board of Directors believe that at recent trading levels a share
repurchase program represents a compelling value proposition that will deliver
long-term value to our shareholders. We enacted this program to allow MRD to
quickly and efficiently take advantage of any share price volatility in the
future," said John Weinzierl, Chief Executive Officer of MRD. "Additionally,
our ample liquidity position, low leverage, and high-return asset base provide
us with the financial flexibility to execute on this program and our future
development plan. If current market conditions persist, we will continue to
evaluate our options of enhancing shareholder value, including potentially
through additional disciplined share repurchases."
Under the program's terms, shares may be repurchased from time to time at
MRD's discretion on the open market, through block trades or otherwise and are
subject to market conditions, as well as corporate, regulatory, and other
considerations. The authorization is effective immediately.
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